It’s been all over the news recently, Interest Rates to drop to 4.5%! You’re thinking about buying a house but now you’ve decided to wait since rates will be coming down. Is that a good idea? Will they really come down? Will you really save money? Let me get out the trusty crystal ball and wop my magic wand on it. “Oh wise one, will that be a good idea?, I ask.” As you can see, my crystal ball is glowing but not really giving me the answer you might want to hear.
My answer, as a Realtor, is not to wait. Let’s say that rates do come down one point. How will that impact you? If you are looking at the bottom of our market and will qualify for a conforming loan of $650,000 then look out for the stampede of buyers just like you, who have been sitting on the fence being certain that prices will go down further so that you can grab a great deal. All of you will be bidding on the same house and guess what? Deja vu. Multiple offers and prices go up. Who wins then? Any rate break will be off set by a higher priced house.
We currently have 1096 properties for sale in San Mateo County under $800,000. That includes houses, condos, and townhouses and all of them fall into the conforming loan rate. Why wait for something that likely will never happen? This is a great time to invest in real estate for your own home, or for income property. While the selection of homes isn’t huge, it’s broad enough for some good choices. Why don’t you take a look online and see what’s there. We’re here to help you once you’ve seen something online that you’d like to see in person. Call us at 650-696-2820.
Oh, by the way… there are 173 homes, condos or townhouses for sale in San Mateo. In Foster City there are 32. In Burlingame there are 12 condos and 1 house, and in Hillsborough, none, yada, forget it. Houses start at $1.58 million. What are you waiting for?